That's about $700 overpriced. Office 2007 should have been a capital crime for MS.
What really ticks me off about the new OOXML format, is how much larger the files are. It’s really a pain to process the files, compared to a similar file in the old format, if you write programs to process Excel files. In my Java programs, it blows the memory right out of the water when I try to process an Excel file in the new format.